The XRP rate today explodes with an increase of 12.2% in the last 24 hours. The reason? Nasdaq has officially submitted an application to the SEC for the Coinshares XRP ETF.
At the same time, the SEC has also recognized the applications for an XRP and Dogecoin ETF from Grayscale, which increases the chance of approval of these crypto-etf’s. But what exactly does this mean for XRP, and why do investors respond so enthusiastically?
Nasdaq is taking a big step in the XRP ETF market
There is a new development in the world of Crypto Spot Exchange Traded Funds (ETFS). Nasdaq, one of the largest stock markets in the world, has submitted an application to the American Securities and Exchange Commission (SEC) for the Coinshares XRP ETF. This news comes at a time when the XRP rate goes through the roof, which indicates growing confidence in the future of the coin.
According to Nasdaq, XRP would be more resistant to market manipulation than Bitcoin (BTC) and Ethereum (ETH). According to the exhibition, this is due to the decentralized network and the enormous liquidity of the currency.
SEC recognizes XRP and Dogecoin ETF applications from Grayscale
In addition to the Nasdaq application, the SEC has also officially recognized Grayscale applications for an XRP and Dogecoin ETF. This does not mean immediately approval, but that the applications are taken seriously. This increases the chance that XRP and Doge will soon get their own spot ETF.
What does this mean for XRP?
If the SEC approves this application, the ETF will receive a listing under Nasdaq Rule 5711 (D). In practice, this means that the Coinshares XRP ETF is classified as a raw material -based investment product, just like previously approved crypto ETFs. This could cause more regulations and especially more confidence with institutional investors.
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Source: https://newsbit.nl/dit-is-waarom-de-ripple-xrp-koers-vandaag-explosief-stijgt/
